China prepares fresh ICO rules, eyes overseas platforms: China Daily

SHANGHAI (Reuters) - China is preparing fresh regulations to further restrict initial coin offerings, especially via overseas platforms, the China Daily newspaper reported on Tuesday citing a source close to the matter.

The official English-language newspaper said the People’s Bank of China (PBOC) was preparing a package of measures with other regulators and that the government would implement them when “conditions are ripe”. It did not give further details.

China has taken a string of steps in recent months to clamp down on the crypto-currency market, including closing exchanges and banning so-called initial coin offerings (ICOs) - digital, token-based fundraising rounds.

On Monday, the Financial News, which comes under the purview of the central bank, said the PBOC would monitor overseas websites of virtual currency trading platforms to curb risks caused by a rush of investment following the ICO ban.[nL4N1PV115]

Bitcoin, the world’s best-known cryptocurrency, fell more than 10 percent on Monday and approached three-month lows on concerns about a global regulatory clampdown on the trading of the digital coins. [nL8N1PV4NZ]